A Large Part of the Body of Administrative Law Is

question 20

Essay

A large part of the body of administrative law is directed at the control or regulation of business-related activity, and businesspersons and corporations alike must be aware of the many administrative bodies or agencies that can impact their operations. Explain why this awareness is important and give three examples of some of the activities that fall under the control of regulatory agencies, commissions, boards, or nongovernmental bodies.

Comprehend the treatment and accounting of goods in transit and on consignment.

Understand how inventory errors affect financial reporting and the importance of physical inventory counts.

Appreciate the significance of inventory valuation adjustments for obsolete or damaged goods.

Grasp the principles behind the allocation of costs to cost of goods sold and inventory balance.

---

Definitions:

Hypothesis

A proposed explanation for a phenomenon, based on limited evidence, that serves as a starting point for further investigation.

Bystander Effect

A phenomenon identified in social psychology that indicates people are less willing to help a victim when they are not alone, but in the company of others.

Darley And Latané

Psychologists known for their research on the bystander effect, which examines why individuals do not always help others in distress when other people are present.

Critical Thinking

The process of actively analyzing, interpreting, synthesizing, and evaluating information to reach a conclusion.